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Updated about 2 years ago on . Most recent reply

User Stats

50
Posts
15
Votes
Everett Morris
Pro Member
  • Homeowner
  • Brandon, MS
15
Votes |
50
Posts

Lines of credit question

Everett Morris
Pro Member
  • Homeowner
  • Brandon, MS
Posted

Hey everyone! 
I recently been looking at other lines of credit options to buy more real estate. I am having a hard time with securing a HELOC, because I don't have enough paid down on my current home. Is there other lines of credit I can explore? I have an LLC that I have my rental income going to. That was recently started last month. I currently rent rooms out in my primary. I am not cash positive, but it has brought my cost down to about 300 a month.

  • Everett Morris
  • Most Popular Reply

    User Stats

    2,616
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    897
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    Dave Skow
    • Lender
    • Seattle, WA
    897
    Votes |
    2,616
    Posts
    Dave Skow
    • Lender
    • Seattle, WA
    Replied

    @Everett Morris contact your bank and also smaller credit unions and bank in your area and ask for a personal LOC ...rate will be high if you qualify and you likely will need to pull funds out and deposit to your account and let season for 2-3 months before you can buy another property

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